East Timor will create a fund to manage billions of dollars in oil and gas revenues the nation is set to receive from developments in the resource rich Timor Sea, Prime Minister Mari Alkatiri said.

Laws governing the Petroleum Fund were passed by East Timor’s parliament last week.
“The Petroleum Fund is designed so that it receives all petroleum receipts, as well as the return on the Fund’s investments. The assets will initially be invested in low-risk US government bonds,” Alkatiri said.